Scott Stewart, epilogue, question 6

in this final reading, the author talked about how economics is just a tool, and we have to decide how we are going to use it. in europe they have a more cushy system, but less inovation. there are ups and downs to having more and less regulation. in my opinion, there needs to be a healthy balance between competition and simply helping people. those people under the streets in chicago are not bad people, and dont deserve to have to live like that, however if we aimply put them into a mansion with a comfortable lifestyle everyone would become homeless to try and get to live that lifestyle.

Peter Webster Epilogue Question 6

I found it interesting how much change could happen if our economy becomes more productive. We will continue to create new things that make us much more productive and make things easier and more cheaply. That will allow us to work on other things with the time that we save, and be more productive in multiple things. "Americans are richer than most of the developed world; we also work harder, take less vacation, and retire later"(Wheelan 318). So maybe this will change, and we will become the most developed world, but we take more vacation, retire sooner, and work less.

Scott Stewart, epilogue, question 6

in this final reading, the author talked about how economics is just a tool, and we have to decide how we are going to use it. in europe they have a more cushy system, but less inovation. there are ups and downs to having more and less regulation. in my opinion, there needs to be a healthy balance between competition and simply helping people. those people under the streets in chicago are not bad people, and dont deserve to have to live like that, however if we aimply put them into a mansion with a comfortable lifestyle everyone would become homeless to try and get to live that lifestyle.

Miriam Scheel, Epilogue, Question 2

As many have mentioned before, the epilogue ties all the different themes of the book together and draws a conclusion about the future: What are we making of our future with all the knowledge that we have? One aspect at which he looks is education. Education has been in the past and will always be a big question since so much of the future depends on how we raise the future generations. One part of the question is surely to determine what a good education is, but many psychologists are working on the specific aspects of the ideal education that permits a good development. The other more related part of the question is how to get people to  ensure this education. This is something that we will have to work on: how do we get teachers to do the best for their students when measuring what "the best" is, is almost impossible.

Julia Carle, Epilogue, Question #7

In the epilogue of Naked Economics, Wheelan taught me how, economically speaking, our future will look like. The very detailed seven questions that Wheelan answered about what life will be like in 2050 were very crazy to think about. Wheelan brought up how the U.S. could change their ways in order for the U.S. to stop being the largest debtor in the world. That's another thing I learned, the U.S. must pay for our government, pays the interest we've added up over the years on bills, and pay for new expenses involved with the elderly. That is a lot of paying in which will become very difficult for the U.S. I always never quite understood why we were in so much debt and why we haven't paid it off, but now I have a much better understanding of government debt and how it works.

Jonathan Webb, Epilogue, Question 2

Just thinking about the future is exciting but scary at the same time. Obviously this chapter was about our future and the 7 questions that we should ask ourselves. Defenitly all these issues will have an effect on my life, like he said, it's the decisions that we make now that will affect our future. One of the seven questions, do we really have monetary policy figured out, made me think how that can indirectly or directly Affect me. He even says, we thought that we had tamed  the business cycle but we haven't. And at the end he ask the question, " how do we allow the market to punish wrongdoers without sending all of us spilling down the hill?". I think that's a huge part of mine and others future. Will we have figured out the business cycle? Or will we even still have the monetary policy running? One question I do think he could've put in there is, what will be countries borders in 2050, the same or comeplety different because of wars or government fall? I think that's a big factor we should consider about our future.

Darby Quast, Epilogue, Question 7

Before reading this book or taking this class, I had never really thought about economics.  I knew it had something to do with the stock market and was fought over during the presidential elections.  Now, like Wheelan stated, I understand that it can be used as a tool, and if used correctly, can solve many of our worlds greatest issues.  I would have never thought that environmental issues, or the extinction of African Tigers could be solved using economics.  Also something like poverty, a seemingly impossible problem to fix can be fixed, or lessened by simple economic policy.  It seems as though people today are very ignorant when it comes to these topics and I realize now the importance of having a basic understanding.  The reason why things aren't being fixed is because of this lack of understanding and that is something that I think needs to be changed.

Harris worthman, epilogue, Question 6

While I was reading the epilogue I was finding it more and more difficult to focus. There was a passage in the first paragraph that would not cease to expell itself from my hippocampus. The passage basically stated that in order to achieve what we want, we have to figure out what we want first. So... stupidly obvious, which is why it stuck in my head like one direction's incredible music. I wondered why he decided to put such "fluff" in the final pages of his novel. He mentioned that the laws of physics weren't broken when we went to the moon. We just needed to allocate a bit of the resources around our feet; a "choice" to go to the moon. But do we choose to go into a recession? No. So why does it happen? Because the U.S. doesn't know what it wants? Of course not. Charles Wheelan was wrong. You can't make a choice you're not capable of making. We could have found out that space is far more dangerous than we hoped. Than we wouldn't have ever sent man to the moon. Economics is far more unpredictable than physics and if Wheelan thinks he can hint at that in such a vague way and manipulate how his point is stated then he has failed on me. There is no algorithm of formulas that we can use to solve all the ethical and human nature related problems that hinder so many governments from being the most effective they can be. Human nature isn't as predictable as gravity. Humans act irrationally and impulsively while the laws of physics never change.

Gunnar Nelson, Epilogue, Question #1

In the epilogue of Naked Economics, Wheelan describes the direct correlation between our generation and the future of the nations economic growth. Wheelan describes the Economy as a tool, which can be compared to physics. Physics made it a possibility for us to explore the moon, however it was not the driving force. In the same way Economics is used as a tool for us to use, which can either lead to a better understanding, and success, or lead to misfortunes- depending on how we use the tool. Ultimately we have the decision on how we should use the tool.

This directly correlates to my life. Later in the epilogue, Wheelan states that "Markets don't solve social problems on their own. But if we design solutions with the proper incentives, it feels a lor more like rowing downstream." In summary, anything can happen with the correct incentives. It is up to our generation to use the tool of economics as properly as we can. We never know what will happen, what the living conditions will be like, how international issues are, however with the proper incentives, we can be sure that we can face whatever occurs, and bounce back with strength. 

Max Hobrough, epilogue, question 6

When I was reading the section on if we will have strip malls in 2050 and I could clearly see that everywhere I look as the economy is turning around the cost of things doesn't matter as much. Even right by my house they were planning on building a strip mall by my house but they had to cancel their plans and sell the land because everyone preferred downtown Stillwater with the specialty shops. I knew this because my mom dealt with these people because they were going to have a bunch of ATM's there. This is just very interesting to me because people's perspectives of money change so much when they have more money. So in 2050 the quality of life seems to be raised quite a bit higher and so then there is more wealth in every class of people. Due to the rise of the economy after time these visual preferences on how the product looks rather than functions will be a much higher priority. The picture may be portrayed as being small but if this does happen then there could potentially be a trickle down effect that could help out a lot, due to the flow of currency and people's willingness to give to charities. Overall this book added new ideas to my knowledge and also strengthened them to comprehend and think differently about situations that I would previously not think as deep about. 

Zach Du, Epilogue, Question 6

In the epilogue, Wheelan proposes seven questions about economy for us to think about. The question "How many minutes of work will a loaf of bread cost?" attracted my attention. "Economc theory predicts that as our wages go up, we will work longer hours—up to a point, and then we will begin to work less. Time becomes more important than money. Economists just aren't quite sure where that curve starts to bend backward, or how sharply it bends" (318). Take United States as an example: it's one of the richest country in world, however people here are also work twice as hard than other countries. If the trend continues, people would work longer and longer in the future, and at one certain point, they would stop. "Productivity growth gives us choices. We can continue to work the same amount while producing more. Or we can produce the same amount by work less. Or we can strike some balance" (318). Make a long story short, it's our own responsibility for choosing the right amount of work we do everyday, so start to make wise decisions.

Madison Webster, Epilogue, Question 2/6

Like most people have mentioned, the Epilogue does a good job wrapping up the book. It reveals that many of the topics Wheelan discussed throughout the different chapters really does relate to our lives. Some of the information didn't seem important at the time but I feel as if Economics all ties together, and a topic may not be so important when standing alone but is very useful when woven with multiple points of emphasis.

I thought the portion titled "In forty years, will "African Tigers" refer to wildlife or development sucess stories?". This section was particularly interesting because it was really clear the the future is a mystery. We can predict and suggest ideas as to what will happen, but nobody knows. Wheelan gives many examples in the form of questions as to what economic issues could be tied in to affect the future. Monetary distribution, technology, human capital and market economy were all mentioned. I guess I never thought about the economics in the future. I will hopefully live on longer and I will be needing to think about these concepts more regularly to understand a clear image of what is happening in the world around me. I am glad that this book has given me a firm base of economics.

Taylor Bye, Epilogue, Question #6

After reading this book and the epilogue especially, I have truly begun to see how economics is woven through our every day lives. I like the sentence, "In the end, though, it is just a set of tools." A very important set of tools but there you go. And more importantly, this set of tools is used by almost every person at almost every moment of almost every day. Even if we are not the action, we get the reaction.

Reading through the questions of this epilogue just re-cemented the lessons I've learned about the importance of economics and how to apply it in my life. For example, "Will we use the market in imaginative ways to solve social problems?" was one section that particularly hit me again. The very fact that incentives play such a big role in our society and what people decide to do is a. true and b. vastly overlooked. I certainly didn't think incentives were that big of a deal, until I started reading about the Orphan Drug Act. Just one bill passed, taxing pollution, and society is a more environmentally clean place is astonishing. This is also a bit of a life lesson in soul searching: really looking at the decisions we make in life and asking why we make them. What are we doing and why we are doing it?

This epilogue really just highlighted everything that economics plays a part in, otherwise known as our whole lives, and I'm so glad to have read it and gain the knowledge needed to lead a good, economically sound life.

Olivia Barr, Epilogue, Question 2

While reading this book throughout the duration of the semester, there have been some chapters which highlighted topic that clearly affected my life, and others that didn't have clear connections what so ever. Through reading the epilogue, the topics that seemed very distant from my own life, and therefore having any affect on it, have become much more clear. Through reading the last seven questions of the book, all of the things that were less clear began to culminate in my mind to help me realize that no matter the physical distance, the economic circumstances of every country have some affect on my life, no matter the scale or directness of the affect. For example, it might seem like a waste of time for someone in America to concern themselves with the economic situation in Burkina Faso (or any other country with a bad economy), but if Burkina Faso continues to struggle they may look to the United States for aid, which in and of itself can contribute to the National Debt, and aside from that we begin to question if we will ever reform our methods of providing aid to foreign countries so that it can be more beneficial in the long term for the development of the country in need, etc. These connections are not limited to foreign involvement, but it is becoming more and more clear that there will need to be some type of reform in politics so that people seeking office with hopes of combating the national debt will not be laughed off of the stage as soon they say they want to raise taxes. All in all, studying economics might make an individuals thought process more complex, and sometimes provide a jaded view of the world, but it helps to create people who are willing to look at the hard questions and see that hard questions often have difficult answers, and sometimes it takes a long time to fix them; additionally, studying economics helps to develop citizens who are able to look through media slants and find that sometimes raising taxes, or interest rates is the most logical thing to do, despite the fact that they might seem like a bad thing from the surface.

Maddie Binning, Epilogue, Question #2

The issues presented in the epilogue of course affect the state of our country now and in the future. This section brought up not only the question of how to effectively put economic ideals into use, but also how to incorporate humanity and consideration for human life into the equation. The importance of these questions are monumental in a national and global sense. Should the US continue to burrow into debt without making the economic decisions needed to sustain the country, we as a generation could face a daunting struggle. If we decide as citizens of the human race to continue allowing the wealth gap to grow and poverty to thrive, we've ignored significant portions of human beings who need support. The ethical and practical implications are essential to our futures which is why it is important to consider them now.

Griffin Pontius epilogue, question 6

Durning the epilogue, Wheelan points out that humans are in fact, lazy.  As much of a shock that is to all of us, Wheelan uses an example that caught my attention.  While he discusses the question, "Will we use the market in imaginatative ways to solve social problems?" Perhaps 'lazy' is the wrong word, a more appropriate (and econmic) title would be, there is less of an incentive to help the world for lack of a monetary benefit.  Anyhow, Wheelan in answering this question almost rants about issues in the world and how they could be solved; the problems remain unsolved because there is no incentive strong enough for us to fix the given issue. This passage stuck out because it seems like common sense that to me that we should all try to better the world in some way, yet a lot of the time, we do the oppisite.  We posese so much potential as a planet that isn't utilized because of lack of incentive, or return in the investment.  It's a sort of dull thought that is almost frustrating.

Nathalie Heidema, Epilogue

Economics uses many tools to make our lives better. To make the best out of these tools, we must set our priorities, determine what trade -offs we are willing to make and what outcomes we are willing to accept. The future is full of uncertainty but we must start and do things now to make it better. The environment is one thing. If we get the incentives right a lot could be done well. We should impose taxes on on CO2 emissions and encourage green technology. That means that if we want innovation we need human capital and that's when education plays its role. Of course, it would be a waste to use just half of your work force and so all countries should promote gender equality.. We could go so on for a long time. In a nutshell, economics is (extremely) necessary because it is about everything - our social lives, wealth, poverty, gender relations, science, environment, politics, work, trade, travel, issue like discrimination or diseases.. It offers many solutions (not always moral), it help a lot (but can also harm too- especially with wrong incentives) and it can create a better place to live for us. Simply, economics is life (so learn it well!).

Nick Terlizzi, Epilogue, question 3

Wheelan closes the book with some questions for our future economy and lifestyle. Wheelan brings up how the U.S. is the worlds largest debtor and how "'over borrowing always ends badly, whether for an individual, a company, or a country'"(324). He mentions how three parties have borrowed heavily: consumers, Finacial firms, and the US government and the first two have paid the price but the US government still is yet to pay the price. What would our future look like if the US had to pay the price for its debt? Overall Wheelan does a remarkable job on expressing his concerns for the US education school systems,  hard working Americans, and the US government. At the end of reading naked economics I have gained the knowledge to the "big ideas" of Econ, Wheelan says now "they begin to show up everywhere"(325).

Jona Bakke, Epilogue, Question #6

A specific passage in the Epilogue that got me thinking is when Wheelan is discussing how many minutes of work a loaf of bread will cost in 2050. He discusses the probable continual increase in productivity and then asks, "How rich is rich enough?"

Is there a point when Americans will become satisfied with the state of our nation's wealth and decide to work less? The economic theory states that to a certain point people will work more as wages go up, and then they will work less and value time more than money. This decrease in work would not necessarily change how much we produce. With continually increasing productivity, we can either decide to work the same amount and produce more or work less and produce the same amount.

It seems that Americans would have differing opinions in 2050 as to which of these options is chosen; some may choose to work the same amount while others think we should all work less. This is a very intriguing question and it will be interesting to see what really happens in 2050.

Sophie Gunderson, Epilogue, Question 3

This final addition to Naked Economics focused on what the world will be like in 2050. Who ever knows what the world will be like 5, 10, or 50 years from now? Charles Wheelan helps by asking questions and proposes different possible answers along with additional questions raised from the original question. He implies that the future is obviously very unknown. We have the tools (economics) to fix many problems and implement many different probable solutions but will we? Will we focus purely on getting richer and more productive or will that obsession cease and instead we spend more time in parks listening to music? Will the developing countries develop into economic powerhouses or will they continue to trickle along like they have through the past decades? Lastly, will America's current approach on markets and the economy work the next 50 years effectively? Overall, it's a bit frightening that we don't know what the world will look like in 50 years yet also empowering because we have to tools and we have to choice to fix the problems, we just have to figure out how. 

Angela Scharf, Epilogue, Q.4

     What I gained from the epilogue is that economics and productivity in all its power is worth nothing if we don't use it to its full potential. In the markets we've established that the most effective way to get something done is to give people incentives to be productive, but this can also have a negative effect on things such as social problems and ethics. The example used in the book regarded the topic of a serious illness that were too rare to be profitable by drug companies if they chose to research them. Technology today, especially in America, is bountiful yet we only choose to help if we get to benefit. Although this is not necessarily the case in all situations, and striving for benefits is not always detrimental, we need to shift incentives so that people will want to be more productive (and also profit) from things that actually matter, things like education and medical research.

Rita Hammer, Epilogue, Question 3

The end of the Epilogue struck me the most as it relates to my future significantly. Wheelan lists off the multiple things that have to be done in our country, or things could end badly. As the younger generation we are outnumbered by the older, meaning there are less people to contribute to increased productivity and more people who play bingo in the nursing home (on the tax payers dime). In addition to paying for the aging population, we must "pay for whatever government we choose to have, which we aren't doing now" and "pay the interest we've accumulated on past bills." Our country has an abundance of debt that needs to be payed off before our "over borrowing..ends badly, whether for an individual, a company, or a country." As weird as it sounds, I will be alive in 2050. I'll only be 54! I won't even be close to playing bingo (I hope). Instead, i'll most likely still be contributing to society in some way or other. It's alarming that it is our generation to whom our parents (in the nursing home) and our children will be counting on to come up with solutions to fix these major issues. Overall, it creates incentive to work hard and develop leadership skills so that we can make critical changes.

Scott Stewart,Chapter 12, Question 6

A large part of this chapter was on the fear of outsourcing jobs. People are afraid that the outsourcing of jobs is harmful to the economy. However, on the whole, outsourcing jobs is good. more jobs are created and the economy grows! So the classic line from southpark of "they took 'r jobs!" should be ammended to say: "they took 'r jobs, whuch caused the economy to grow and created more better jobs and made us richer on the whole"